Best places to buy rental properties in Rhode Island

January 27, 2022
● Written by
Teddy

Rhode Island

Investing in Rhode Island

If you're looking to grow your passive income, check out Rhode Island. Rhode Island was named for the red clay at its shoreline by the Dutch. It's the smallest state by area but has a diverse population and a growing economy. The Nophin team crunched the numbers and found the five best places to invest in Rhode Island rental properties.

Statewide vacancy rates

RI Rental Vacancy Rate via Federal Reserve Bank of St. Louis

Providence, RI

Providence is the capital of Rhode Island and home to eight universities and colleges including Brown University.

  • Population: 190,934
  • Median household income: $49,065
  • Median 1-bedroom monthly rent: $1,800
  • Median listing home price: $320,000

Warwick, RI

Warwick is the second largest city in Rhode Island and is known for its saltwater beaches.

  • Population: 82,823
  • Median household income: $73,285
  • Median 1-bedroom monthly rent: $1,400
  • Median listing home price: $352,700

Cranston, RI

Cranston is a city south of Providence, RI. It's often considered one of the best places to live.

  • Population: 82,934
  • Median household income: $74,425
  • Median 1-bedroom monthly rent: $1,780
  • Median listing home price: $375,000

Pawtucket, RI

Pawtucket is a city north of Providence and home to the Hasbro toy company.

  • Population: 75,604
  • Median household income: $52,902
  • Median 1-bedroom monthly rent: $1,200
  • Median listing home price: $325,000

Newport, RI

Newport is known for its 11 mansions once frequented by wealthy families like the Vanderbilts and the Astors.

  • Population: 25,163
  • Median household income: $68,201
  • Median 1-bedroom monthly rent: $1,950
  • Median listing home price: $837,000

Nophin is landlord banking and software for rental properties

With FDIC-insured bank accounts and cards that seamlessly integrate with easy-to-use software, Nophin helps landlords increase returns and automate rental property finances. Check out what we offer on the Nophin homepage!

Methodology

To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources.

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Please note: Nothing above should be construed as legal, investment, tax, nor financial advice. This content is for informational purposes only. Consult a lawyer and/or an accountant if the above is right for your personal situation.

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